Nova published their 2021 financial statements today. Ten months late per Company Act requirements and one of the reasons why they were served with a 2nd Compliance Notice by CIPC in November
We will be watching for analysis and opinion on the state of the company and deemed solvency or insolvency and will post for information
We’ve received word that there was too much on the “story board” at Geldsake tonight and although Herman was on standby, there was just not enough time to get to Sharemax/Nova. We’ll keep you posted as to when tonight’s planned discussion will air
We’ve just received word that there was too much on the “story board” at Geldsake tonight and although Herman was on standby, there was just not enough time to get to Sharemax/Nova. We’ll keep you posted as to when tonight’s planned discussion will air
Herman Lombaard will be on air on RSG’s Geldsake with Ryk van Niekerk again this evening. Herman will be giving some background information on the issues surrounding the resignation of the former Trustee (Mr Derek Cohen) and the company’s failure to appoint a replacement within the time frame set down in the Trust Deed. He will also speak on the company’s nominated candidate and why we reject this person and on the candidate whom we have nominated and why we have done so. There might also be content on why we have said to Nova that they have, through their failure to appoint the new trustee at the right time (per their obligations set out in the Trust Deed), they have forgone their right to nominate a candidate and convene a meeting to vote on approval of that person
We are putting out some of our Facebook posts on aspects of the proposed January 11 meeting.
This one is on the email announcements of the proposed January 11meeting that members have received via email and how many votes one will have whether at the meeting or via proxies given
To clarify the reason for possibly having received more than one email notification of the Jan 11 meeting:
There are four categories out of the Sharemax closure and the Nova Debenture issuance
The Villa Companies (Villa 1 & 2) plus the Zambezi Company were restructured in terms of Section 311 of the Companies Act
The Malls are styled The Income Plan Companies and the residential developments are styled as the Growth Plan Companies. These were re-structured through the Business Rescue Plan
You will see the applicable category stated in the email(s) received
Therefore, you have a vote in each of the categories for which you have received an email
If you are invested in one of the properties in all four categories, then you should have four emails and you therefore have four votes
This will necessitate that you will give a proxy for each of the categories for which you have received an email
The number of actual debenture certificates that you hold is not relevant. You only get one vote per category that you are invested in
It is also our understanding that each of the categories will be the subject of a separate vote. This is to comply with the legal requirements in the four separate Schemes of Arrangement – one for each category
This is our understanding of the situation right now. If it changes later on we will advise
Meantime, we will communicate the names of two persons to insert in the proxy forms soon. These persons will be at the meeting and will speak and vote for NDCAG members
Please wait for these
We also have to provide you with an email address to which to send the proxies. Although the email address admin@frontieram.co.za <mailto:admin@frontieram.co.za> appears in the proxy form, this is not necessarily the ema to which it should be sent and quite likely, the last one that we want Debenture Holders to send them to
We will advise re this aspect as well as soon as possible
Most Important>>>>>
PLEASE DO NOT GIVE YOUR PROXY TO ANY MEMBER OF THE NOVA BOARD OR TO ANY EMPLOYEE OF THE COMPANY
We have been inactive in the operation of this site for a good while and apologise to registered members for this
The Email announcement of the planned January 11 meeting to approve the appointment of the company nominated new Debenture Trust Trustee, together with the background happenings with the CIPC and their Compliance Notices has revived us because it presents such a wonderful opportunity to engage with Nova – an opportunity that might not come again
We have much information to post in the web site but have been posting in our Facebook page on an ongoing basis. To access the Facebook page, please Google Sharemax Investors. In the results you will find a search result reading: <www.facebook.com/pages/category/Cause/Sharemax-InvestorsNova-Debent ure-Creditors-387000062051144/> Sharemax Investors/Nova Debenture Creditors – Facebook. In that page you will all our recent posts
This evening, on RSG’s Geldsake at 1810 (Fm 100 to 104) the latest developments will be featured with Ryk van Niekerk talking to Herman Lombaard of our operating committee, and possibly also, Deon Pienaar – a long time crusader against all the wrongs in the Sharemax close down and Nova and the debentures
Ryk has also invited Dominique Haese, CEO of Nova, to join the discussion although at this time we do not know if she will
More information and news postings will follow over the coming days
We will be posting the RSG podcast on tonight’s program in due course
When viewing this post in the NDCAG web site, click on the title to open it and then click on the hyperlink to access the text in the Moroelamedia web site
This post won’t be available in English
We’re assuming that it won’t lodge behind a paywall but if it does, we have a copy that we can post if/when it becomes unavailable via the above link
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